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•A firm with better location has an advantage. People would rather buy their apples from a local seller than from your shop which is farther away
•There is a constant worry that the new firms will take over you. Karo corn syrup has been around for years but Kramer corn syrup has now entered with hopes of making he most money
•You can't set very high prices because firms that sell for cheaper will make all the money. Piper's premium pumpkins would like to sell for higher to make money but Pete's already sells for very cheap.

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•Anyone at anytime can decide they want to join this business. For example if you were a farmer you could easily begin selling your crops.
•It's easy to sell your product since everyone is selling the same thing. In the market of apples, buyers will notice you because there is no distinguished producer who rules the market
•All buyers and sellers have the same information

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The Karo corn syrup company is an example of perfect competition because anyone at anytime can easily choose to produce their own syrup in a new business.

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The perfect competition market structure stands out because all products are the exactly the same. This means that their are many producers who sell the same product, and buyers will have more options. There are also no barriers to exit or enter this market because anyone can easily produce the product in their own business.

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Perfect Competition Short Run (1 of 2)- Old Version